They produce what, I guess, could be viewed as a higher-value waste stream, but is there any reason to believe that we couldn't get this kind of maybe mid-single digit core pricing plus a few points

they produce what i guess could be viewed as a higher-value waste stream but is there any reason to believe that we couldn't get this kind of maybe mid-single-digit core pricing plus a few points


More than half of this investment has been made in our Gas Distribution businesses and is driven by a combination of the need to replace aging infrastructure, such as leak-prone pipe, and by customer growth.

more than half of this investment is being made in our gas distribution businesses and is driven by a combination of the need to replace aging infrastructure such as leak-prone pipe and by customer growth


the bank wouldn't give them the financing because of the tight conditions now implied by the banks in Miami.

the bank wouldn't give them the financing because of the tight conditions now implied by the banks in miami


These risks and other risk factors pertaining to our business that could cause actual results to differ materially from those suggested in the forward-looking statements are available in our filings with the Securities and Exchange Commission,

these risks and other risk factors pertaining to our business that could cause actual results to differ materially from those suggested in the forward-looking statements are available in our filings with the securities and exchange commission


We have significant opportunity to further reduce cost and reinvest some of those savings in engines that will drive brand strength and profitable sales growth.

we have significant opportunity to further reduce costs and reinvest some of those savings in engines that will drive brand strength and profitable sales growth


the board with the assistance of an independent outside law firm and other advisers, and we reviewed, among other things, certain nonconforming loans that were made to a single

of the board with the assistance of an independent outside law firm and other advisers and we reviewed among other things certain nonconforming loans that were made to a single


didn't want, we turned around and were able to sell those loans to another credit investor in April and did so at par.

didn't want we turned around and were able to sell those loans to another accredited investor in april and did so at par


specifically, the portion of costs that we were responsible for under the force majeure provisions of the various contracts of our Gulf Coast projects.

specifically the portion of cost that we were responsible for under the force majeure provisions of the various contracts of our gulf coast projects


Yes, just on the T-Force PLATINUM, just want to get a sense from you guys, is there something that you feel like you're going to learn from a longer

yes just on the t-force platinum just wanted to get a sense from you guys is there something that you feel like you're going to learn from a longer


and I'm very pleased to report that the New York Department of Financial Services has just approved payment in full of all remaining amounts on the surplus notes

and i'm very pleased to report that the new york department of financial services has just approved a payment in full of all remaining amounts on the surplus notes


positive sign, which is great since we're in our third year of this used vehicle downturn. But hopefully, this is the beginning of what would later lead to some firming up on pricing,

positive sign which is great since we're in our third year of this used vehicle downturn but hopefully this is the beginning of what would later lead to some firming up on pricing


working on at the moment because we're bringing our teams together globally to share knowledge, share experience, share expertise

working on at the moment because we're bringing our teams together globally to share knowledge share experience share expertise


and have them go through the sales cycle and grab the business. So that work is ongoing, but we see time on our side to make it better, faster, stronger.

and have them go through the sales cycle and grab the business so that work is ongoing but we see time on our side to make it better faster stronger


Would your typical acquisition target, though, be a company that probably wouldn't want to sell at the bottom, because

would your typical acquisition target though be a company that probably wouldn't want to sell at the bottom because


To summarize, we continue to strongly advance our mission statement to provide unique value to our customers by long-term road map alignment.

to summarize we continue to strongly advance our mission statement to provide unique value to our customers by long-term road map alignment


We will continue to manufacture at cost for Invekra until they can establish their own manufacturing facility, which we estimate to take about 3 to 6 months.

we will continue to manufacture at cost for envekra until they can establish their own manufacturing facility which we estimate to take about 3 to 6 months


as the next step beyond variable. Testing that flip chip will maybe lead in a generation from now

as a next step beyond wirebonds testing that flip chip will maybe lead in a generation from now


It also includes the concept of a deferral of meaningful portion of the bonus to future years to encourage and reward persistent performance.

it also includes the concept of a deferral of meaningful portion of the bonus to future years to encourage and reward persistent performance


I would expect that as those tenders -- the second half of the year would probably be back in a healthy state. I think, June is probably a transitional quarter for that.

i would expect that as those tenders the second half of the year would probably be back in a healthy state i think june is probably a transitional quarter for that


which are subject to certain risks and uncertainties. Because actual results may differ materially from those discussed today, MACOM claims the protection of the safe harbor for forward-looking statements

which are subject to certain risks and uncertainties because actual results may differ materially from those discussed today macom claims the protection of the safe harbor for forward-looking statements


a payment of lower value throughout the quarters. But this is pure speculation. There is nothing scheduled regarding this.

a payment of lower value throughout the quarters but this is pure speculation there is nothing scheduled regarding this


including increasing headcount in our sales and reimbursement personnel and to fund the ongoing development, regulatory and international commercialization activities

including increasing headcount in our sales and reimbursement personnel and to fund the ongoing development regulatory and international commercialization activities


So as we came off the end of last year, in the first half of the year, we're not accelerating growth because we expect some disruption in the system

so as we came off the end of last year in the first half of the year we're not accelerating growth because we expect some disruption in the system


to the extent that you can. So Sakaue-san will take your question. So for the overall company as well as for the media outlook,

to the extent that you can so sakao-san will take your question so for the overall company as well as for the media outlook


Number three, a relentless focus on rationalization. As we build out our company for the future, it's critical that we remain focused on decommissioning our legacy data centers,

number three a relentless focus on rationalization as we build out our company for the future it's critical that we remain focused on decommissioning our legacy data centers


We have a plan and we are ready. Now we'd like to spend more time sharing with you some details around the key pillars of our new strategic platform.

we have a plan and we are ready now i would like to spend more time sharing with you some details around the key pillars of our new strategic platform


period of no growth or a very level adviser count for some time, and we don't expect a material change to that in the near term.

period of no growth or very level adviser count for some time and we don't expect a material change to that in the near term


and its potential treatment. 54,000 patients with the data to review in a few hours is substantial and I think will give us some clues about the future

and its potential treatment 54 000 patients worth of data to review in a few hours is substantial and i think will give us some clues about the future


We understand it is important for us to maintain low decline rates, but given the size of the FS checks business now

we understand it is important for us to maintain low decline rates but given the size of the fs checks business now


a question, I guess, from the last quarter where we discussed a little bit about the breakdown in the sustaining capital

on that question i guess from the last quarter where we discussed a little bit about the breakdown in the sustaining capital


we just think that the opportunity set isn't great right now. And typically, when that happens, we hedge up our portfolios, we raise a little bit more cash, we try and tuck in

we just think that the opportunity set isn't great right now and typically when that happens we hedge up our portfolios we raise a little bit more cash we try and tuck in


is that it leaves behind a 3D model that is a huge asset to the owner in terms of managing, maintaining and using their asset as time progresses.

is that it leaves behind a 3d model that is a huge asset to the owner in terms of managing maintaining and using their asset as time progresses


So we were certainly on a good roll, which means that we will be -- continue to be on a good roll as soon as Mother Nature allows us to be as we

so we were certainly on a good roll which means that we will be -- continue to be on a good roll as soon as mother nature allows us to be as we


Granite teams proved that they were up for the challenge and successfully integrated our new acquisitions and proudly shared our core values, as we united these new businesses into our portfolio.

granite teams proved that they were up for the challenge and successfully integrated our new acquisitions and proudly shared our core values as we united these new businesses into our portfolio


And even as we hand the keys and physically move away from the job, it will take some time to settle the outstanding disputes. And that will be the lingering event

and even as we hand the keys and physically move away from the job it will take some time to settle the outstanding disputes and that will be the lingering event


half of -- or the second half of 2018, and we anticipate that to really ramp up nicely as we gain traction. With Granite being able to help,

half of -- or the second half of 2018 and we anticipate that to really ramp up nicely as we gain traction with granite being able to help


These acquisitions have provided complementary add-on strategies, and we believe that there are significant additional opportunities to acquire proven managers at attractive levels.

these acquisitions have provided complementary add-on strategies and we believe that there are significant additional opportunities to acquire proven managers at attractive levels


We expect a better understanding of the potential benefit of VTS-270 to emerge as we carefully consider the totality of data available to us. This is an important step.

we expect a better understanding of the potential benefit of vts-270 to emerge as we carefully consider the totality of data available to us this is an important step


We exclude from our non-GAAP results a number of charges or benefits that are either noncash or that we consider outside our core ongoing operating results.

we exclude from our non-gaap results a number of charges or benefits that are either noncash or that we consider outside our core ongoing operating results


As royalty holders, with no cost share, but full benefits, there's not much better that can happen in terms of bolstering long-term returns and having an operator announce an expansion.

as royalty holders with no cost share but full benefits there's not much better that can happen in terms of bolstering long-term returns than having an operator announce an expansion


We expect that the present range for petroleum prices will persist for the foreseeable future, causing oil and gas customer spend for inspection services to be relatively stable.

we expect that the present range for petroleum prices will persist for the foreseeable future causing oil and gas customer spend for inspection services to be relatively stable


versus the others, but it doesn't seem like it's getting much uptake, and I'm trying to understand why and what we could do about it, and I think that is a very large market for it.

versus the others but it doesn't seem like it's getting much uptake and i'm trying to understand why and what we could do about it i think that there's a very large market for it


there will be, I think a contribution coming from 468 in 2020 but it will simply be a bit of a drag on us

there will be i think a contribution coming from 468 in 2020 but it will simply be a bit of a drag on us


people are aware we've got some open capacity in our plant so we're able to fill a lot of that capacity by supporting Ballard, and it's just a nice supplemental business for us.

people are aware we've got some open capacity in our plant so we're able to fill a lot of that capacity by supporting ballard and just a nice supplemental business for us


statements on the plans and objectives of the company or its management, statements of future economic performance and assumptions underlying these statements regarding the company and its business.

statements on the plans and objectives of the company or its management statements of future economic performance and assumptions underlying these statements regarding the company and its business


Our first Fuddruckers opened at our Commerce, Georgia travel center during the first quarter and our second location opened just last week in Ashland, Virginia.

our first fuddruckers opened at commerce -- at our commerce georgia travel center during the first quarter and our second location opened just last week in ashland virginia


Sure. So -- the one part of Amicus that we -- that has maintained a pretty steady state over the last 4 years of our growth has been our science organization.

sure so our -- the one part of amicus that we -- that has maintained a pretty steady state over the last 4 years of our growth has been our science organization


Examples of these forward-looking statements include statements regarding market expansion and funding trends, expected growth in sales and product applications,

examples of these forward-looking statements include statements regarding market expansion and funding trends expected growth in sales and product applications


Marissa's leadership will be essential as we look to strengthen our organization and ensure we have the right structure and capabilities to achieve our strategy and build a culture of innovation and recognition.

maurice's leadership will be essential as we look to strengthen our organization and ensure we have the right structure and capabilities to achieve our strategy and build a culture of innovation and recognition


An Imperfect Union travels across the country and offers a very unique storytelling perspective through the eyes of citizens on issues

an imperfect union travels across the country and offers a very unique storytelling perspective through the eyes of citizens on issues


As Mac mentioned, we have a slide presentation on our website to accompany our earnings call and it includes additional details to the commentary presented this morning.

as mac mentioned we have a slide presentation on our website to accompany our earnings call and it includes additional details to the commentary presented this morning


beating their benchmarks and delivering top quartile relative performance. Another positive development on the performance front is the enhancements that Morningstar is making in its rating methodology.

beating their benchmarks and delivering top quartile relative performance another positive development on the performance front is the enhancements that morningstar is making in its rating methodology


The Geospatial segment, when compared to 2015, has a lower relative exposure to oil and gas and a generally more diverse book of business.

the geospatial segment when compared to 2015 has a lower relative exposure to oil and gas and a generally more diverse book of business


Tomorrow, you'll have the opportunity to hear more about our plans to grow the company, including management presentations, panel discussions featuring some of our distributors and executives

tomorrow you'll have the opportunity to hear more about our plans to grow the company including management presentations panel discussions featuring some of our distributors and executives


I would like to direct you to Slide 26 and the financial highlights deck for a description of the pro forma statutory basis financial effect of the merger.

i would like to direct you to slide 26 in the financial highlights deck for a description of the pro forma statutory basis financial effect of the merger


Today, our debt is actually lower than where we were 2 years ago and yet our portfolio has changed significantly and it's a portfolio that has shifted to growth.

today our debt is actually lower than where we were 2 years ago and yet our portfolio has changed significantly it's a portfolio that has shifted to growth


On an annual basis, we now expect Civil operating margins to be at the upper end of the 10% to 12% margin range that we have historically seen in Civil group, if not slightly higher.

on an annual basis we now expect civil operating margins to be at the upper end of the 10% to 12% margin range that we have historically seen in the civil group if not slightly higher


We continue to focus on income, as we've mentioned today, and we believe active asset management remains critical and that we have the team and the skill set to deliver.

we continue to focus on income as we've mentioned today and we believe active asset management remains critical and that we have the team and the skill set to deliver


Before we begin our remarks this morning, I want to remind you that during the call, we will be making forward-looking statements about future events based on current expectations and assumptions.

before we begin our remarks this morning i want to remind you that during the call we will be making forward-looking statements about future events based on current expectations and assumptions


Thank you, Jack. In closing, as you can see it has been an exceptionally busy and exciting time for Dicerna with a number of extremely important milestone achievements.

thank you jack in closing as you can see it has been an exceptionally busy and exciting time for dicerna with a number of extremely important milestone achievements


Okay. And my last question is just on kind of time line of the various pieces of your platform all converging into what you feel like is a really

okay and my last question is just on kind of time line of the various pieces of your platform all converging into what you feel like is a really


There were a number of favorable trends in the quarter that put our results slightly ahead of where you expected and Jamie will get into those in more detail when he reviews the financial results later on in this call.

there were a number of favorable trends in the quarter that put our results slightly ahead of where you expected and jamie will get into those in more detail when he reviews the financial results later on in this call


we're anticipating that and taking that into account. Most of our raw material or commodity benefits we're seeing are going to be the result of 3M efforts we're doing to take

we're anticipating that and taking that into account most of our raw material or commodity benefits we're seeing are going to be the result of 3m efforts we're doing to take


And this was said about the overall insurance market. Here, in Poland, today, we don't see any target that would be of interest to us.

and this was said about the overall insurance market here in poland today we don't see any target that would be of interest to us


Increases in finance costs in quarter 4 and in the year were mainly due to increases in loans and in LIBOR, partly offset by bunker hedge cash receipts

increases in finance costs in quarter 4 and in the year were mainly due to increases in loans and in libor partially offset by bunker hedge cash receipts


as overall getting back to market or above-market growth in a sustained way. That will require us in our major categories to be able to get to market growth and sustain it.

as overall getting back to market or above market growth in a sustained way that will require us in our major categories to be able to get to market growth and sustain it


Strong customer growth and constructive and balanced resolution of a number of regulatory proceedings added to an otherwise solid operational foundation this quarter.

strong customer growth and constructive and balanced resolution of a number of regulatory proceedings added to an otherwise solid operational foundation this quarter


Beginning in EMEA, we had strong wins across the region. And while the Middle East is experiencing a slowdown, we delivered profitability in line with our expectations.

beginning in emea we had strong wins across the region and while the middle east is experiencing a slowdown we delivered profitability in line with our expectations


in 2016. We are proud of this accomplishment, which is in part due to the exceptional positioning of our communities in some of the best markets in the nation.

in 2016 we are proud of this accomplishment which is in part due to the exceptional positioning of our communities in some of the best markets in the nation


Those risks include, among others, matters that the company has described in its press release issued this afternoon and in its filings with the Securities and Exchange Commission.

those risks include among others matters that the company has described in its press release issued this afternoon and in its filings with the securities and exchange commission


And that's what we're working through. It's not that we are backing off the innovation. It's how we get that innovation to the market, especially if it's on -- not on our big brands.

and that's what we're working through it's not that we're backing off the innovation it's how we get that innovation to the market especially if it's on -- not on our big brands


and that loyalty is the key avenue for us to use personalization in. I don't think there's any question about that. Nothing is changing about that at all.

and that loyalty is the key avenue for us to use personalization in i don't think there's any question about that nothing is changing about that at all


If you are in Nigeria or you are in Indonesia or you are in Thailand or you are in China or you are in Mexico,

if you are in nigeria or you are in indonesia or you are in thailand or you are in china or you are in mexico


in case we do the IPO, we will have some funds to reallocate into the lines of business that we want to grow.

in case we do the ipo we will have some funds to reallocate into the lines of business that we want to grow


resulting from interest rate declines at the end of the quarter and expectations for future mortgage rates lower than previously forecast.


Our total revenues declined slightly as compared with the third quarter 2015, but that was largely due to the impact of the strong month of July on our third quarter results

our total revenues declined slightly as compared with the third quarter of 2015 but that was largely due to the impact of the strong month of july on our third quarter results


Tom. So on the revenue front, from a seasonality perspective, we'll have to keep an eye on that. We obviously haven't guided to any quarterly numbers or

thanks tom so on the revenue front from a seasonality perspective we'll have to keep an eye on that we obviously haven't guided to any quarterly numbers or


for our project in Ingolstadt included, and we didn't have that in '18. So that is the major change here. The dividend proposal, I already

for our project in singelstrasse included and we didn't have that in '18 so that is the major change here the dividend proposal i already


The capital management policy also requires our Board to evaluate the appropriate deployment of excess capital and to consider a variety of ways to improve shareholder return.

the capital management policy also requires our board to evaluate the appropriate deployment of excess capital and to consider a variety of ways to improve shareholder return


Beverage innovation is fueling growth in our core platforms of coffee, tea and refreshers and offsetting some of the softness we've seen in blended.

beverage innovation is fueling growth in our core platforms of coffee tea and refreshers and offsetting some of the softness we've seen in blended


Rice imports have remained stable with Thai offerings benefiting from competitive raw material pricing relative to that of India.

rice imports have remained stable with thai offerings benefiting from competitive raw material price pricing relative to that of india


In making these changes, we believe investors will have a clearer view of the primary focus of our strategy, which is to build our streaming OTT network business.

in making these changes we believe investors will have a clearer view of the primary focus of our strategy which is to build our streaming ott network business


That is where the game changes. When you're buying it off of a -- some arcane bureaucratic purchasing process, that's where you get things

that is where the game changes when you're buying it off of a -- some arcane bureaucratic purchasing process that's where you get things


but a very exciting and growing business that is also online. In terms of actually breaking out that, we don't provide that information in terms of what brick-and-mortar and what online is,

but a very exciting and growing business that is also online in terms of actually breaking out that we don't provide that information in terms of what brick-and-mortar and what online is


Next, I'll discuss the full year earnings forecast. We are considering participating in a new maintenance outsourcing program to stabilize future expenses.

next i'll discuss the full year earnings forecast we are considering participating in a new maintenance outsourcing program to stabilize future expenses


are you guys considering at all sitting on the cash with the thought that there could be better opportunities down the road to either buy back stock or redeploying the new investments?

are you guys considering at all sitting on the cash with a thought that there could be better opportunities down the road to either buy back stock or redeploy into new investments


build out the DFAST model without acquiring any sort of expensive softwares or without having significant consulting expense.

build out the dfast model without acquiring any sort of expensive softwares or without having significant consulting expense


And I've seen that you guys are doing your best to try to refinance the debt yourself, and directors are putting in money and capital.

and i've seen that you guys are doing your best to try to refinance the debt yourself and directors are putting in money and capital


These are costs that are associated with the assays, the reagents, the platforms. And these costs are imposed overall on labs with the products that they acquire.

these are costs that are associated with the assays the reagents the platforms and they -- these costs are imposed overall on labs with the products that they acquire


Well, first, Paul, let me state we will receive the permit in LA. There's nothing out there that tells us -- I mean it provides tremendous benefits

well first paul let me state we will receive the permit in lla there's nothing out there that tells us i mean it provides tremendous benefits


I'd like to provide a brief update on Meda. The second arbitration with Meda has commenced, and we expect this process to continue for the next few months.

i'd like to provide a brief update on meda the second arbitration with meda has commenced and we expect this process to continue for the next few months


But the actual pressure of our customers was more at that time than it is now. We have had time to reformulate to offer

but the actual pressure of our customers was more at that time than it is now we have had time to reformulate to offer


In addition, our new Shacks that typically open with a higher percentage of app sales, giving us further confidence that early adoption can lead to a higher use of digital ordering.

in addition our new shacks that typically open with a higher percentage of app sales giving us further confidence that early adoption can lead to a higher use of digital order


Today, we hope to provide additional insight into our business strategy, sustainable competitive advantages and consistent positive earnings power.

today we hope to provide additional insight into our business strategy sustainable competitive advantages and consistent positive earnings power


While this was not a material transaction, it is consistent with our strategy to focus management's efforts on key brands and priorities.

while this was not a material transaction it is consistent with our strategy to focus management's efforts on key brands and priorities


And so we think we'll hit the bottom of the J-curve sometime next year. The life consultant count has been decreasing and will probably decrease for a little while longer.

and so we think we'll hit the bottom of the j-curve sometime next year the life consultant count has been decreasing and will probably decrease for a little while longer


setting the stage and setting the bar I think when it comes to kitchen in particular. So for us to have a brand that we own that's a complement to our great partnerships with national brands

setting the stage and setting the bar i think when it comes to kitchen in particular so for us to have a brand that we own that's a complement to our great partnerships with national brands


I would say that isn't our current thinking. I believe we would continue to buy back stock. The reason I'm a little bit hesitant on that is because

you know i would say that isn't our current thinking i believe we would continue to buy back stock the reason i'm a little bit hesitant on that is because


However, the changes may also result in incremental lending opportunities within the alternative mortgage space as large lenders are also affected by revisions to the guideline.

however the changes may also result in incremental lending opportunities within the alternative mortgage space as large lenders are also affected by revisions to the guideline


And I guess just with respect to your question around philosophy, a big part of how we look at our strategy is making sure that we have a really low cost structure so that we can

and i guess just with respect to your question around philosophy a big part of how we look at our strategy is making sure that we have a really low-cost structure so that we can


One of the things you've heard me say before is that we are leading with digital. As the consumption of news and information continues its migration towards digital,

one of the things you've heard me say before is that we are leading with digital as the consumption of news and information continues its migration towards digital


and third, partnering with those who share our commitment to reducing or eliminating opioids in the postsurgical setting. I'll start by sharing an update on the nerve block launch, where we continue to gain traction.

and third partnering with those who share our commitment to reducing or eliminating opioids in the postsurgical setting i'll start by sharing an update on the nerflock launch where we continue to gain traction


My final introductory slide is an important one, particularly in the context of the vital role that Nedbank plays across all sectors of our society.

my final introductory slide is an important one particularly in the context of the vital role that nedbank plays across all sectors of our society


but we also have these extremely small balanced armature receivers that we sell in the hearing aid market that are becoming more interesting to people who make wireless headsets.


It goes without saying, driving up this collection rate continues to be a primary focus, and we are beginning to see signs of success 9 months after bringing our billing in-house.

it goes without saying driving up this collection rate continues to be a primary focus and we are beginning to see signs of success 9 months after bringing our billing in-house


that encouraged their customers to pay with PayPal. One of the most exciting features to come out of our financial institution relationships

that encourage their customers to pay with paypal one of the most exciting features to come out of our financial institution relationships


An admittedly conservative approach but similar to all inflows, these added assets and relationships have a positive impact on our franchise and our earnings power.

an admittedly conservative approach but similar to all inflows these added assets and relationships have a positive impact on our franchise and our earnings power


a particularly larger loan, a commercial loan in the hospitality business that we originated in the quarter and that's kind of what brought it

a particularly larger loan a commercial loan in the hospitality business that we originated in the quarter and that's kind of what brought it


to offset inflation and any other headwinds. And the pipeline of initiatives for financial year '20 is also progressing well.

to offset inflation and any other headwinds and the pipeline of initiatives for financial year 20 is also progressing well


Late in the third quarter the discussions we have been having with our customers to understand the impact of the delays on all parties progressed significantly.

late in the third quarter the discussions we have been having with our customers to understand the impact of the delays on all parties progressed significantly


We plan to continue to invest in our suite of multiple resolution products for our different applications for both indoor and outdoor use.

we plan to continue to invest in our suite of multiple resolution products for our different applications for both indoor and outdoor use


we're going to -- we're not going to overpay for anything. We're going to be very disciplined and very selective in terms of the quality dealership we buy and how much we pay for the dealership.

we're going to -- we're not going to overpay for anything we're going to be very disciplined and very selective in terms of the quality dealership we buy and how much we pay for the dealership


However, our competitors have not had that approach. We've been open for years and have provided the tools for years to help enable third-party products with Jack Henry cores.

a lot of our competitors have not had that approach we've been open for years and have provided the tools for years to help enable third-party products with jack henry cores


In addition to our network of related companies, there are many business partners who ask for our management infrastructure through business partnerships with us.

in addition to our network of related companies there are many business partners who ask for our management infrastructure through business partnerships with us


Organic growth was positive in all major geographies, with mid-single-digit growth in both developed economies as well as in emerging markets taken as a whole.

organic growth was positive in all major geographies with mid-single-digit growth in both developed economies as well as in emerging markets taken as a whole


U.K. growth has recovered from the impact of the adverse weather in the first quarter, with higher expected growth in the rest of the year.

u k growth has recovered from the impact of the adverse weather in the first quarter with higher expected growth in the rest of the year


they don't always look the same. It's not always a simple network extension meters. Sometimes it's an infill. Sometimes it's an upgrade. Sometimes it's

they don't always look the same it's not always a simple network extension meters sometimes it's an infill sometimes it's an upgrade sometimes it's


We're confident we know what to do. We're confident that we've now started the right process to effectively address these issues once and for all.

we're confident we know what to do we're confident that we've now started the right process to effectively address these issues once and for all


outright sales and should we expect to see any uptick in agency investments during the process of redeploying that capital into target assets?

outright sales and should we expect to see any uptake in agency investments during the process of redeploying that capital into target assets


We opened an advanced engineering center in Kolding, Denmark, to attract additional technical talent and enhance our capabilities to serve our European customer base.

we opened an advanced engineering center in colding denmark to attract additional technical talent and enhance our capabilities to serve our european customer base


While interest rates have increased and REIT stock prices have contracted, economic indicators remain sound, and fundamentals in our business remain healthy

while interest rates have increased and reit stock prices have contracted economic indicators remain sound and fundamentals in our business remain healthy


Results in Northern California are in line with unit sales last year, a result that continues to validate the customer loyalty and value proposition of our pass products offer.

results in northern california are in line with unit sales last year a result that continues to validate the customer loyalty and value proposition that our past products offer


I have spoken previously about my view that there is a small shop leasing opportunity at DDR, and we now have 2 quarters of improving results to back up these leases.

i have spoken previously about my view that there is a small shop leasing opportunity at ddr and we now have 2 quarters of improving results to back up this thesis


We're excited and optimistic about the potential to drive additional growth and shareholder value. I'd like to thank our long-term and new shareholders for your interest and support of BioLife Solutions.

we're excited and optimistic about the potential to drive additional growth and shareholder value we'd like to thank our long-term and new shareholders for your interest and support of biolife solutions


more about that at our upcoming Investor Day about our longer-term plans on investments in sales and marketing, and what we think that does for the future. But we feel comfortable that we're on the right track from a

more about that at our upcoming investor day about our longer-term plans on investments in sales and marketing what we think that does for the future but we feel comfortable that we're on the right track from a


Quality and film properties of the epitaxial layers in the device structure play a key role in determining system-level device reliability.

quality and film properties of the epitaxial layers in the device structure play a key role in determining system-level device reliability


during the year, but we feel comfortable with this range and that new revenues will begin to flow off this year's capital projects in 2019 and beyond.

during the year but we feel comfortable with this range and that new revenues will begin to flow off this year's capital projects in 2019 and beyond


where they have used our technology to show that they can actually see the sentinel lymph nodes. And they have actually done outcomes analysis

where they have used our technology to show that they can actually see the sentinel lymph nodes and they have actually done outcomes analysis


and I would still say the environment is if we do our job and continue to drive new business and keep our existing customers, drive mix and the other

and i would still say the environment is if we do our job and continue to drive new business and keep our existing customers drive mix and the other


with the cloud so that we can better utilize it to inform our sales team in advance of what's going on, better direct them to sales opportunities, how to help the customer

with the cloud so that we can better utilize it to inform our sales team in advance of what's going on better direct them to sales opportunities how to help the customer


much more rapidly than they did before. I think that's something we're just going to have to manage and be nimble. And then finally, oil, which I would say is probably

much more rapidly than they did before i think that's something we're just going to have to manage and be nimble and then finally oil which i would say is probably


Our investments in existing portfolio of companies continue to be an important source of new investment opportunities and reflect our strong borrower relationships and the value we deliver to them.

our investments in existing portfolio companies continue to be an important source of new investment opportunities and reflect our strong borrower relationships and the value we deliver to them


all pricing discussions with customers are difficult. So it really hasn't changed in that regard. I think the real piece of it that we continue to work on with

all pricing discussions with customers are difficult so it really hasn't changed in that regard i think the real piece of it that we continue to work on with


This has been a really busy quarter and there's a lot to talk about. So I'm going to immediately turn this over to Steve Rubin to begin the session.

this has been a really busy quarter and there's a lot to talk about so i'm going to immediately turn this over to steve rubin to begin the session


Our results reflect strong performance in Aerospace and a difficult backdrop in Distribution combined with effective cost controls across the company.

our results reflect strong performance in aerospace and a difficult backdrop in distribution combined with effective cost controls across the company


stuff that we were going to get to. And so the question for us was why are we spending money there. So really it was just making sure we had the land that we needed for our long-term program

stuff that we were going to get to and so the question for us was why are we spending money there so really it was just making sure we had the land that we needed for our long-term program


These have been unfortunate delays, but we look at these as modest deferral in terms of timing for many of these projects out of our Q2 and to the back half of this year.

these have been unfortunate delays but we look at these as modest deferral in terms of timing for many of these projects out of our q2 and into the back half of this year


And you also, as a franchise store, you need to find a franchisee or you need to get an existing franchisee to decide that they want to take that store.

and you also it's a franchise store you need to find a franchisee or you need to get an existing franchisee to decide that they want to take that store


that was in our number. And as we were kind of finalizing our results we made a decision to kind of highlight that to investors and split that out into a non-GAAP number. And that kind of explains a

that was in our number and as we were kind of finalizing our results we made a decision to kind of highlight that to investors and split that out in the non-gaap number and that kind of explains


okay? So part of the changes -- part of the benefits are being seen in the performance of the core. The core is outperforming the company average right now.

okay so part of the changes -- part of the benefits are being seen in the performance of the core the core is outperforming the company average right now


But when we say better, it's still extremely fragile. So we continue to try to monitor the potential for shocks, surprising events

but when we say better it's still extremely fragile so we continue to try to monitor the potential for shocks surprising events


You know the names that we're dealing with there. But what's most exciting is that besides taking those tailwinds is that we are winning a lot of business and new programs that we're launching

you know the names that we're dealing with there but what's most exciting is that besides taking those tailwinds is that we are winning a lot of business in new programs that we're launching


something that generated a lot of media coverage. So we could take the most famous person in the world, whoever it is right now, and I don't think they would get as much press as Donald Trump did because they won't say the kinds of things

something that generated a lot of media coverage so we could take the most famous person in the world whoever that is right now and i don't think they would get as much press as donald trump did because they wouldn't say the kinds of things


which normalized in 2016. Adjusted operating income come excluding these corporate costs increased by 7% in local currency for the year.

which normalized in 2016 adjusted operating income excluding these corporate costs increased by 7% in local currency for the year


That is -- that was the outcome there, and so a lot of that conversion had already taken place, such that probably about 80% of that market has converted.

that is -- that was the outcome there and so a lot of that conversion had already taken place such that probably about 80% of that market has converted


A recent development is that the has taken measures to import LNG by signing an agreement with Equatorial Guinea

a recent development is that the government has taken measures to import lng by signing an agreement with equatorial guinea


The increase in revenues resulted largely from a significant increase in sales to the public carrier ecosystem but we are also encouraged by the growth in most of the other markets as well.

the increase in revenues resulted largely from a significant increase in sales to the public carrier ecosystem but we are also encouraged by the growth in most of the other markets as well


in the future quarters. As I discussed before, I have spent considerable time working with Doug Gaylor to see where we can improve

in the future quarters as i discussed before i have spent considerable time working with doug gailhard to see where we can improve


And by the way, the question is what is the effect on the arm, but will also the watch work if it is not on your arm.

and by the way the question is what is the effect on the arm but will also the watch work if it is not on your arm


And we're happy to do that with our existing and prospective clients. And I think once we go in there and explain our plan, it becomes very clear to those clients.

and we're happy to do that with our existing and prospective clients and i think once we go in there and explain our plan it becomes very clear to those clients


Well, you know that very little of our capital is in the hedge fund form. And we certainly are not considered

well you know that very little of our capital is in the hedge fund form and we certainly are not considered


We are entering into the high season as of the third quarter, and we do think that some of the issues that we had faced in the second quarter with regards to the new products

we are entering into the high season as of the third quarter and we do think that some of the issues that we had faced in the second quarter with regards to the new products


It's suffice to say that our strategy is steady as she goes with our focus on safety, active portfolio management and tight managing -- tightly managing costs and capital

it suffices to say that our strategy is steady as she goes with our focus on safety active portfolio management and tightly managing cost and capital


Moving then to Slide 8 and our Rest of the World segment. Sales were essentially flat with the prior year, as higher average selling prices

moving then to slide 8 and our rest of the world segment sales were essentially flat with the prior year as higher average selling prices


by an increase in noncash interest expense due to purchase accounting. The net effect of the lower tax rate was substantially offset

by an increase in noncash interest expense due to purchase accounting the net effect of the lower tax rate was substantially offset


Of course, all our expectations are governed by several factors not in our control such as potentially the price of precious metals, the overall state of the economy,

of course all our expectations are governed by several factors not in our control such as potentially the price of precious metals the overall state of the economy


Keep in mind also that the cost savings that we're announcing today are intended to help mitigate any impact or major contract changes and protect returns to shareholders.

keep in mind also that the cost savings that we're announcing today are intended to help mitigate any impact of major contract changes and protect returns to shareholders


just in the reality of accounting for the franchise, you get a little bit of a delay in terms of that feedback because it's really

just in the reality of accounting for the franchise you get a little bit of a delay in terms of that feedback loop because it's really


While we recognize our derm revenue when we ship product to our wholesalers, a second method to objectively gauge the Oculus dermatology performance

while we recognize our derm revenue when we ship product to our wholesalers a second method to objectively gauge the oculus dermatology performance


we have 18 different platforms. There are numerous opportunities to further reduce the cost by changing certain designs.

we have 18 different platforms there are numerous opportunities to further reduce the cost by changing certain designs


Given our performance this quarter, our compensation committee determined that it was appropriate for us to improve for the probable payment of a bonus to management at the year-end.

given our performance this quarter our compensation committee determined that it was appropriate for us to accrue for the probable payment of a bonus to management at year-end


the impacts of operating results of the timing, size and accounting treatment of acquisition, our ability to achieve and the timing of achieving synergies from our acquisitions.

the impacts of operating results of the timing size and accounting treatment of acquisitions our ability to achieve and the timing of achieving synergies from our acquisitions


We also gave ourselves headroom to invest in volume growth for the first time in many years. Thirdly, technology and marketing.

we also gave ourselves headroom to invest in volume growth for the first time in many years thirdly technology and marketing


There have been no material misstatements identified in previously filed financial statements as a result of the material weaknesses,

there have been no material misstatements identified in previously filed financial statements as a result of the material weaknesses


We have redesigned and simplified our online ordering site, enabled online payment for catering and integrated with several well-known third-party providers for delivery.

we have redesigned and simplified our online ordering site enabled online payment for catering and integrated with several well-known third-party providers for delivery


and the top 10 markets have generally lagged the broader economy in terms of RevPAR growth whereas the rest of the portfolio has

and the top 10 markets have generally lagged the broader economy in terms of revpar growth whereas the rest of the portfolio has


of the equity. We are quite satisfied with the performance of our stock. We believe that we are benefiting for a little bit of

of the equity we are quite satisfied with the performance of our stock we believe that we are benefiting for a little bit of


it will be depleted. So as soon as -- I mean as long as we have it, we should focus on molybdenum recovery because it gives us more money than copper recovery.

it will be depleted so as soon as -- i mean as long as we have it we should focus on molybdenum recovery because it gives us more money than copper recovery


maybe weren't quite close to being in need of an expansion and so I was just wondering if there was a change with respect to their -- the way that they look at the store base there?

maybe weren't quite close to being in need of an expansion and so just wondering if there was a change with respect to their -- the way that they look at their store base there


and it's where we produce all of our sour cream, cottage cheese and dips. That facility is losing money

and it's where we produce all of our sour cream cottage cheese and dips that facility is losing money


Less pronounced in Switzerland, but especially in Northern Germany, the first couple of months have been very severe and impacted our sale.

less pronounced in switzerland but especially in northern germany the first couple of months have been very severe and impacted our sales


on the West Coast as well and, in particular, in California. We've talked about a large installation there. And so we see -- we continue to see opportunities in that market as well.

on the west coast as well in particular in california we've talked about a large installation there and so we see -- we continue to see opportunities in that market as well


Any traffic is good traffic for us. So we concentrate more on the health of the center we go into rather than

any traffic is good traffic for us so i -- we concentrate more on the health of the center we go into rather than the


To achieve that ambition, we'll be making a number of bold moves which I'll walk through shortly. But first, I'll hand the call over to Nick to discuss our performance and outlook.

to achieve that ambition we'll be making a number of bold moves which i'll walk through shortly but first i'll hand the call over to nick to discuss our performance and outlook


we have the best service, we're connected now to, or will be connected now to, 3 refineries which give direct take away off of the pipe, improved markets,

we have the best service we're connected now to or will be connected now to 3 refineries which give direct takeaway off of the pipe improved markets


obviously, the market wants to get ahead of itself and what this all could mean, but I think we're just trying to understand what are the real conversations taking place out there?

obviously the market wants to get ahead of itself and what this all could mean but i think we're just trying to understand what are the real conversations taking place out there


Okay, fair enough. Shifting gears a little bit. I was wondering if you can give us an update on your technology initiatives, particularly as it relates to the

okay fair enough shifting gears a little bit i was wondering if you can give us an update on your technology initiatives particularly as it relates to the


Both provide mission-critical equipment and services to our customers' global operations. Both benefit from sustainable competitive advantage through scale and scope and technology and installed base.

both provide mission-critical equipment and services to our customers' global operations both benefit from sustainable competitive advantage through scale and scope and technology and installed base


Before concluding, I would like to take this opportunity to publicly welcome Jean Bua, Executive Vice President and Chief Financial Officer of Nasdaq-listed NETSCOUT SYSTEMS

before concluding i would like to take this opportunity to publicly welcome gene boua executive vice president and chief financial officer of nasdaq-listed netscout systems


major discussion at the end and come up with what we call a global settlement or we'll pick and choose certain issues and try to settle them outside of the global issue. So

a major discussion at the end to come up with what we call a global settlement or we'll pick and choose certain issues and try to settle them outside of a global issue so


broader base at the bottom of the pyramid. When we talked about a pyramid before, it really wasn't a pyramid. It was really pear-shaped with a very large

broader base at the bottom of the pyramid when we talked about a pyramid before it really wasn't a pyramid it was really pear-shaped with a very large


the complainants to respond to that filing. And then FERC has to really take that material and then make a final order on those complaints.

the complainants to respond to that filing and then ferc has to really take that material and then make a final order on those complaints


We once again are making strong advances on that front, and Matt will go into the details in a moment. We also remain opportunistic regarding other uses of capital.

we once again are making strong advances on that front and that will go into the details in a moment we also remain opportunistic regarding other uses of capital


I guess, what needs to change, whether it's culturally or cost structure wise, what needs to be accelerated to maybe get that OR down and how quickly can you get there.

i guess what needs to change whether it's culturally or cost structure-wise what needs to be accelerated to maybe get that or down and how quickly can you get there


or coming off lease, we are purchasing those as we are able. So you'll see more purchases in 2018 than we've done in the recent past,

or coming off lease we are purchasing those as we are able so you'll see more purchases in 2018 than we've done in the recent past


The strengthening industrial landscape is supporting the higher level of base business in these areas and this is providing a nice mix tailwind to our product margins.

the strengthening industrial landscape is supporting a higher level of base business in these areas and this is providing a nice mix tailwind to our product margins


as compared to 32.1% in the prior year period, primarily due to the favorable impact of the new federal corporate statutory income tax rate

as compared to 32 1% in the prior year period primarily due to the favorable impact of the new federal corporate statutory income tax rate


we have many, many patients have been reaching out to sites, to Suku and the clinical team. And we know that there is a significant demand

we have many many patients have been reaching out to sites to suku and the clinical team and we know that there is a significant demand


When it comes to acquired taste, there is no right or wrong. You were exposed to many things when you were still in the womb of your mother.

when it comes to a car taste there is no right or wrong you were exposed to many things when you were still in the womb of your mother


We're well positioned with multiple brands and levers and have confidence that we will be able to continue to drive results in 2018 and beyond as Nutrisystem continues to grow

we're well positioned with multiple brands and levers and have confidence that we will be able to continue to drive results in 2018 and beyond as nutrisystem continues to grow


allow us to reveal some information to our investors. When we have that permission, we will be able to give you a light on the product.

allow us to reveal some information to our investors when we have that permission we'll be able to give you a light on the product


take advantage of them when they arise or when we can initiate them. But again I don't see it taking on any

take advantage of them when they arise or when we can initiate them but again i don't see it taking on any


How do you assess our position in light of our work with some big names over there in the work -- in the form of the work we are already

how do you assess our position in light of our work with some big names over there in the work -- in the form of the work we are already


with whom we're working on, on some of the CRISPR activities that we're doing. So we look forward to a very full day and an informative day tomorrow here in New York.

with whom we're working on on some of the crispr activities that we're doing so we look forward to a very full day and an informative day tomorrow here in new york


With this information, a casino can create an enhanced experience for their patron and maximize the return they're able to realize from their best customers.

with this information a casino can create an enhanced experience for their patron and maximize the return they're able to realize from their best customers


And in this case, that's definitely a part of our target strategy is to ensure that we have good penetration in that key consortia to map those consortia relationships and to ensure that we're getting good.

and in this case that's definitely part of our target strategy is to ensure that we have good penetration at key consortia to map those consortia relationships and to ensure that we're getting good


Net outflows in Asia Pacific, the Americas and Europe reflecting continued deleveraging activities of our clients as well as efforts to optimize risk management.

net outflows in asia pacific the americas and europe reflecting continued deleveraging activities of our clients as well as efforts to optimize risk management


And then secondly, on innovation, not only supply chain, but just the physical plant and now the need for second make-lines.

and then secondly on innovation not only supply chain but just the physical plant and now the need for second make lines


Looking at our earnings year-to-date, our overall performance continues to be driven by loss development activity and by the steady runoff of our book of business.

looking at our earnings year-to-date our overall performance continues to be driven by loss development activity and by the steady runoff of our book of business


We have also some other costs that have been gone into not only opening those 3. We do have 3 more openings, 1 is only for this fiscal year. We will be opening this month

we have also some other costs that have been gone into not only open those 3 we do have 3 more opening one is only for this fiscal year we will be opening this month


As soon as we know, I'm sure that we're going to -- we'll tell everybody. But that is still ongoing, so I'm unable to comment on that.

as soon as we know i'm sure that we're going to -- we'll tell everybody but that is still ongoing so i'm unable to comment on that


describe that to shareholders because there are a number of really good opportunities, but unless and until one of them comes off

properly describe that to shareholders because there are a number of really good opportunities but unless and until one of them comes off


To support that effort, we are investing in our production network, including the earlier mentioned realignment of our production bases in Japan.

to support that effort we are investing in our production network including the earlier mentioned realignment of our production bases in japan


of any of the options within the network. So that's about what we can share right now. And we're very excited about it because that is different from, historically, where we would get a network and

of any of the options within the network so that's about what we can share right now and we're very excited about it because that is different from historically where we would get a network and


While we expect some early termination revenues in 2017, the impact to average rig revenue and margin per day is not expected to be significant.

while we expect some early termination revenues in 2017 the impact to average rig revenue and margin per day is not expected to be significant


by the agreements that we worked out with customers, who needed additional spreads where we were able to get within that target range of 20% to 30% for that incremental spread,

by the agreements that we worked out with customers who needed additional spreads where we were able to get within that target range of 20% to 30% for that incremental spread


While we have continued to deliver strong growth in the New York area, nearly half of this year's Building Construction profits are expected to come from outside of New York.

while we have continued to deliver strong growth in the new york area nearly half of this year's building construction profits are expected to come from outside of new york


fairly confident that organic growth would come back to the business in the latter half of the year based on what we were seeing in the market, based on wins, based on backlog. And

fairly confident that organic growth would come back to the business in the latter half of the year based on what we're seeing in the market based on wins based on backlog and


Thank you, Richard. We are proud of the progress we've made in the third quarter in a difficult operating environment and are focused on the opportunities that lie ahead.

thank you richard we are proud of the progress we've made in the third quarter in a difficult operating environment and are focused on the opportunities that lie ahead


First, we built significant backlog in the first quarter, but the timing of product shipments may result in revenue being pushed out as we experienced in the first quarter.

first we built significant backlog in the first quarter but the timing of product shipments may result in revenue being pushed out as we experienced in the first quarter


a small increase in other income and a tax benefit, were enough to reduce our net loss in the first quarter of fiscal 2017 versus a comparable year-ago period.

a small increase in other income and a tax benefit were enough to reduce our net loss in the first quarter of fiscal 2017 versus a comparable year-ago period


which we were pleased to deliver in today's challenging markets. Higher revenues in Global Power and Global Services helped to cover a shortfall in Industrial Environmental.

which we were pleased to deliver in today's challenging markets higher revenues in global power and global services helped to cover a shortfall in industrial environmental


as trucking is becoming cost. So I think the inflationary cost question is always going to be important. I think we have a good outlook on it, but those things can move at any time. So I think

trucking is becoming cost so i think the inflationary cost question is always going to be important i think we have a good outlook on it but those things can move at any time so i think


the other half on longer sales cycles based on indications from the prospects. The former represent about 2.4 million invoices per month in new volume.

the other half on longer sales cycles based on indications from the prospects the former represent about 2 4 million invoices per month in new volume


in Ag that we've spoken about, which is very positive from an overall earnings and strategic direction but did add some additional fixed cost to us

in ag that we've spoken about which is very positive from overall earnings and strategic direction but did add some additional fixed cost to us


It just becomes a lot of noise. You have to know your customer a little bit better, know what they're buying and target the offers to particular categories that they're interested, or target, if

it just becomes a lot of noise you have to know your customer a little bit better know what they're buying and target the offers to particular categories that they're interested or target


Our key private brands, which were involved in our speed initiative last year, achieved a low single digit positive comp in total for the fourth quarter.

our key private brands which were involved in our speed initiative last year achieved a low single-digit positive comp in total for the fourth quarter


Additionally, we saw a very good momentum in Colorado and continued high growth in our destination markets, which combined represented over 70% of our total unit growth.

additionally we saw very good momentum in colorado and continued high growth in our destination markets which combined represented over 70% of our total unit growth


As we look forward to the opportunity fiscal 2019 presents, we will continue to execute the formula that delivered the improvements we realized over the past year.

as we look forward to the opportunity fiscal 2019 presents we will continue to execute the formula that delivered the improvements we realized over the past year


Looking at cash flow. The chart shows the reported EBITDA evolution into operating free cash flow, and then the utilization of that cash generated.

looking at cash flow the chart shows the reported ebitda evolution into operating free cash flow and then the utilization of that cash generated


opportunities now put on the side? And I really don't want to steal your thunder regarding the Investor Day, but are you still open to opportunities

opportunities now put on the site and i really don't want to steal your thunder regarding the investor day but are you still open to opportunities


And we haven't really set up Teekay Parent so that it can act really as a warehouser going forward. So that is certainly not our preference

and we haven't really set up ck parent so that it can act really as a warehouser going forward so that is certainly not our preference


On a year-over-year basis, we experienced revenue growth in Tennessee and Arizona due to a full quarter impact of the new and expanded contract with those states,

on a year-over-year basis we experienced revenue growth in tennessee and arizona due to a full quarter impact of the new and expanded contract with those states


We will use time-limited innovations to meet specific consumer opportunities. And we will focus on productivity to continue to expand margin.

we will use time-limited innovations to meet specific consumer opportunities and we will focus on productivity to continue to expand margin


But mentoring doesn't need to be in a physical space. This month, we launched digital Johnnie Walker mentoring to engage consumers in a totally new way,

but mentoring doesn't need to be in a physical space this month we launched digital johnnie walker mentoring to engage consumers in a totally new way


and you'd actually end up probably falling short of revenue and falling way short on earnings. That should sound familiar to you because it's a picture we've all seen many times in our career.

and you'd actually end up probably falling short of revenue and falling way short on earnings that should sound familiar to you because it's a picture we've all seen many times in our career


So if you really look at these 3 products, while I cannot talk to you about the immediate relative contribution, but I can speak to you in the -- when the product cycles are fully set in,

so if you really look at these 3 products while i cannot talk to you about the immediate relative contribution but i could speak to you in the -- when the product cycles are fully set in


Okay. So we should see, like when we look at sort of going out in 2Q versus 1Q, outside of any investments, we should expect that number to further drop down into the second quarter

okay so we should see like when we look at sort of going out in 2q versus 1q outside of any investments we should expect that number to further drop down into the second quarter


and the favorable variance related to the mix of total liabilities more than offset the increased cost of interest-bearing deposits, serving to hold the total cost steady.

and the favorable variance related to the mix of total liabilities more than offset the increased cost of interest-bearing deposits serving to hold the total cost steady


I think, at the end of the day, I would say it's more in terms of alternative logistics to get us through until the Rhine can get back to an acceptable level to manage the typical traffic.

i think at the end of the day i would say it's more in terms of alternative logistics to get us through until the ryan can get back to an acceptable level to manage the typical traffic


on the development of a new collaborative design methodology such as the EXTREMO platform, which will materially change the way we manage our projects,

on the development of a new collaborative design methodologies such as the xd platform which will materially change the way we manage our projects


lies beyond sort of the known capital investments that you have outlined to us to date. And there's clearly, given the region and the hydrocarbon resource there,

lies beyond sort of the known capital investments that you have outlined to us to date and there's clearly given the region and the hydrocarbon resource there


factor in how they've improved their costs. And then Esterline is an important source to a lot of people, so you've clearly had some pricing pressure along the way.

a factor in how they've improved their costs and then esterline is an important source to a lot of people so you've clearly had some pricing pressure along the way


We also reduced overheads by leveraging 0-based budgeting and other tools, and we're beginning to institutionalize our approach to cost management.

we also reduced overheads by leveraging 0-based budgeting and other tools and we're beginning to institutionalize our approach to cost management


Our supply chain reinvention initiatives remain on track. And we'll increasingly benefit from the upgraded infrastructure and capabilities that we're putting in place around the world.

our supply chain reinvention initiatives remain on track and we'll increasingly benefit from the upgraded infrastructure and capabilities that we're putting in place around the world


Now the customers for the most part have pulled back their forecasts from how we started the year, and with the pulled back forecasts and what we know of our business and our own judgment on the customers' forecast,

now the customers for the most part have pulled back their forecast from how we started the year and with the pullback forecast and what we know of our business and our own judgment on the customer's forecast


However, in addition to that, there is strong drive in the company to increase our served market. And in doing that, it's looking at

however in addition to that there is strong drive in the company to increase our serve market and in doing that it's looking at


those technical resources that I referred to in I think the first question are part of the big differentiator and why we're able to help grow the cloud the way we have

those technical resources that i referred to and i think the first question are part of the big differentiator and why we're able to help grow the cloud the way we have been


And based on that and the growing resource base we have across the country, generally -- company generally, I would say that we were very optimistic in terms of

and based on that and the growing resource base we have across the country generally company generally i would say that we're very optimistic in terms of


I expect to start to see some of that as we get into 2017, but really accelerating probably realistically towards the back half of '17 and into '18. So I think it's just

i expect to start to see some of that as we get into 2017 but really accelerating probably realistically towards the back half of '17 and into '18 so i think it's just a


We expect our Western export log sales volumes, both Japan and China, will be lower in the second quarter due to the timing of shipments at the end of the first quarter.

we expect our western export log sales volumes both japan and china will be lower in the second quarter due to the timing of shipments at the end of the first quarter


that line double in size against a revenue base that's only gone up maybe 50%. And I'm wondering -- and I know you're in an investment phase here, but

that line double in size against the revenue base that's only gone up maybe 50% and i'm wondering -- and i know you're in an investment phase here but


The combination of these factors is expected to result in first quarter non-GAAP EPS approximately 10% below the fourth quarter

the combination of these factors is expected to result in first quarter non-gaap eps approximately 10% below the fourth quarter


I see. And then we saw, obviously, some improvement in the revenue trends in the first quarter, but there are other publishers that have indicated a little caution

i see and then we saw obviously some improvement in the revenue trends in the first quarter but there are other publishers that have indicated a little caution


wanted to say is that we are in a very unique position at Yamana because we have in our portfolio have perhaps different from a lot of our peers,

wanted to say is that we are in a very unique position at yamana because we have in our portfolio perhaps different from a lot of our peers


Zimbabwe is scheduled for October 2017. These investments have positioned us favorably to support the growth in clients,

zimbabwe is scheduled for october 2017 these investments have positioned us favorably to support the growth in clients


that they were interested in taking on and renovating. So that's part of why the numbers are not aligning as well as for the reasons Frank mentioned.

that they were interested in taking on and renovating so that's part of why the numbers are not aligning as well as for the reasons frank mentioned


On a product line basis, motive power was even, while reserve power was down 3%. Now a few comments about our adjusted consolidated earnings performance.

on a product line basis motive power was even while reserve power was down 3% now a few comments about our adjusted consolidated earnings performance


and we can put that out there and satisfy a need that they may go elsewhere to satisfy, we're absolutely going to do that, right? So this one is about just being unbiased, independent

and we can put that out there and satisfy a need that they may go elsewhere to satisfy we're absolutely going to do that right so this one is about just being unbiased independent


Obviously, it's been trending much better than that. So just wondering, is that math right? Is there reason for that other than just conservatism and that a lot of the holiday is still ahead of us?

obviously it's been trending much better than that so just wondering is that math right is there any reason for that other than just conservatism in that a lot of the holiday is still ahead of us


for a private litigant. Think about the thousands of nutrition club owners that opened and failed or were misled about that opportunity. That's another opportunity for private plaintiffs.

for a private litigant think about the thousands of nutrition club owners that opened and failed were misled about that opportunity that's another opportunity for private plaintiffs


Andrew, you highlighted the Leadership Grant Program and Forbes as drivers of enrollment. Any other examples you could call out in terms of the newer programs that are moving the needle for you

andrew you highlighted the leadership grant program and forbes as drivers of enrollment any other examples that you could call out in terms of the newer programs that are moving the needle for you


The migration of Northeast Division customers to legacy Cable ONE's more robust billing system will provide a more consistent customer-centric experience

the migration of northeast division customers to legacy cableone's more robust billing system will provide a more consistent customer-centric experience


In addition to Rova-T, we have 4 Stemcentrx assets in the clinic, and we are on track to transition several additional programs into human trials this year,

in addition to rova-t we have 4 stemcentrx assets in the clinic and we are on track to transition several additional programs into human trials this year


change in your sourcing costs as a result of the improved liquidity? And then also, along with that, are the compliance costs

change in your sourcing costs as a result of the improved liquidity and then also along with that are the compliance costs


We're in the early stages and making solid progress in transforming a traditionally transactional and unpredictable software business model into a recurring revenue business

we're in the early stages and making solid progress in transforming a traditionally transactional and unpredictable software business model into a recurring revenue business


not because of all the acquisitions that have taken place over the last 5 years, it really is just as simple as rethinking how we do things and how we operate our business. And when you combine the high single-digit rebased growth

because of all the acquisitions that have taken place over the last 5 years it really is just as simple as rethinking how we do things and how we operate our business and when you combine the high single-digit rebates growth


could you maybe speak to the quality of the new client opportunities for this year? Because the past, say, 12 to 18 months or so has had a fair share of unique circumstances, that

but could you maybe speak to the quality of the new client opportunities for this year because the past say 12 to 18 months or so has had a fair share of unique circumstances that


In addition to the expected reductions related to rebasing, coding intensity and the outlier fixed dollar loss adjustment,

in addition to the expected reductions related to rebasing coding intensity and the outlier fixed dollar loss adjustment


and maybe even across the market would be helpful too. And then how should we think about the earning sensitivity of that jumbo portfolio given a pickup in refi activity?

and maybe even across the market would be helpful too and then how should we think about the earnings sensitivity of that jumbo portfolio given a pickup in refi activity


overhead. And we weren't planning on providing any additional numbers on the call today, but we will be providing numbers, as I mentioned,

overhead and we weren't planning on providing any additional numbers on the call today but we will be providing numbers as i mentioned


Finally, today's call is being recorded and will be available on the company's website later today. I will now turn the call over to Chris for opening remarks.

finally today's call is being recorded and will be available on the company's website later today i will now turn the call over to chris for opening remarks


but they can also change from a handset subscription towards a SIM-only subscription, especially also because besides the effect of the

but they can also change from a handset subscription towards a sim-only subscription especially also because besides the effect of the


We feel these decisions will reward our shareholders and derisk our business, all while maintaining flexibility and sufficient resources to proactively grow our business

we feel these decisions will reward our shareholders and derisk our business all while maintaining flexibility and sufficient resources to proactively grow our business


Moreover, we're very excited about what you'll see in the floors in the back half of the year and believe that we will start to see an inflection point in our performance during the holiday season.

moreover we're very excited about what you'll see on the floors in the back half of the year and believe that we will start to see an inflection point in our performance during the holiday season


where would you be -- where do you think this is going to go in terms of 2016? Are you more confident that's something that they can see reality and

where would you be -- where do you think this is going to go in terms of 2016 are you more confident that something that they can see reality and


And then as it relates to our tracking solution, the tracking solution actually has an opportunity here as the total cost of the project goes higher with these modules,

and then as it relates to our tracking solution the tracking solution actually has an opportunity here as the total cost of a project goes higher with these modules


The flip side to that is when you're adding heads and you're not actually billing the client for those heads, it has a negative impact on productivity or revenue per employee.

the flip side to that is when you're adding heads and you're not actually billing the client for those heads it has a negative impact on productivity or revenue per employee


we can check the box, and if we feel like we're in good shape there moving into next year, so strategic priorities around driving the business or just making sure we continue to stick to the fundamentals.

we can check the box and then we feel like we're in good shape there moving into next year so strategic priorities around driving the business are just making sure we continue to stick to the fundamentals


as of April 30, 2018. We continue to have ample capacity in our credit lines to handle our equipment finance needs.

as of april 30 2018 we continue to have ample capacity in our credit lines to handle our equipment finance needs


So thank you again, and have a great day. And thank you, sir. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

so thank you again and have a great day and thank you sir the conference has now concluded thank you for attending today's presentation you may now disconnect


that we so urgently need in our culture in order to win in the field of smart devices, but honestly spoken, also in all other segments of our business.

that we so urgently need in our culture in order to win in the field of smart devices but honestly spoken also in all other segments of our business


I came away convinced that our regulatory view is well on track. We expect to close still before yearend. And this is key because this short timeframe between signing and closing

i came away convinced that our regulatory review is well on track we expect to close still before year-end and this is key because this short time frame between signing and closing


some business, just because the stuff is new and it'll have -- associated downtime on that equipment should be less because it is brand new. So the customers tend to pay a premium.

some business just because the stuff is new and it'll have associated downtime on that equipment should be less because it is brand new so customers tend to pay a premium


that the additional bandwidth it's going to receive in the second half of this year will pay dividends, but it's -- we didn't get to this and our forecast and our belief for this is not a 10% business, but

that the additional bandwidth it's going to receive in the second half of this year will pay dividends but it's -- we didn't get to this and our forecast and our belief for this is not a 10% business but


We would like to remind you that webcast participants can beforehand pose their questions that are to be answered in the QA session.

we would like to remind you that webcast participants can beforehand post their questions that are to be answered in the q a session


as they were doing construction and all that. So I think it's part of the customer focus we have. I think with Massachusetts, both in terms of existing charging stations, but also as we look at

as they were doing construction and all that so i think it's part of the customer focus we have i think with massachusetts both in terms of existing charging stations but also as we look at


We believe patience will generally be rewarded in this environment and that our approach is splitting distressed debt funds between an A and B structure is the right one.

we believe patients will generally be rewarded in this environment and that our approach of splitting distress debt funds between an a and b structure is the right one


We believe our recent track record of steady improvement in our financial performance will enable us to address our capital structure and provide us with additional financial flexibility.

we believe our recent track record of steady improvement in our financial performance will enable us to address our capital structure and provide us with additional financial flexibility


to invest the time in promoting someone's molecule only to have it undercut by someone else or it's difficult to have the degree of


some low prices across several commodities that we operate on and also due to the seasonality where September is our leanest quarter for us in our business.

some low prices across several commodities that we operate on and also due to the seasonality where september is a leanest quarter for us in our business


As I mentioned at the outset, 3 aspects of our quarterly health plan performance give us confidence that we can achieve our full year revenue goal.

as i mentioned at the outset 3 aspects of our quarterly health plan performance give us confidence that we can achieve our full year revenue goal


We have an internal innovation team, which is looking at a variety of new product opportunities, 1 or 2 of which could be ready to go to market by the end of this year.

we have an internal innovation team which is looking at a variety of new product opportunities one or two of which could be ready to go to market by the end of this year


The YZ represents a significant milestone in our product development journey and will become the new flagship in our chiller portfolio.

the yz represents a significant milestone in our product development journey and will become the new flagship in our chiller portfolio


Our solutions business, which as you know is primarily performance contracting, also had strong order growth, but this was against an easy prior year compare.

our solutions business which as you know is primarily performance contracting also had strong order growth but this was against an easy prior year compare


In summary, due to the consistent high cash flow generation, we have many options to deploy capital to yield high returns for our shareholders.

in summary due to the consistent high cash flow generation we have many options to deploy capital to yield high returns for our shareholders


Let's now turn to Europe. Importantly, given our expectation for growing demand, we shored up our platform in Europe through the acquisition of the remaining interest

let's now turn to europe importantly given our expectation for growing demand we shored up our platform in europe through the acquisition of the remaining interest


that's -- those are the types of opportunities that we're going to be looking for in our privately held companies if the valuation from the value are appropriately leased at fair value.

that's -- those are the types of opportunities that we're going to be looking for in our privately held companies if the valuations and the value are appropriate and we believe fair value


And so in those key markets where availability is becoming more and more difficult, then we begin to focus our efforts on redevelopment. And in most of those markets, we've got

and so in those key markets where availability is becoming more and more difficult then we begin to focus our efforts on redevelopment and most of those markets we've got


And we also continue with our own innovation team in the background, looking at developing our own new concepts and new products that could be dripped into the mainstream business.

and we also continue with our own innovation team in the background looking at developing our own new concepts and new products that can be dripped into the mainstream business


As respects our use of insurance to put out -- reinsurance to put out limits beyond what we want to take net,

as respects our use of insurance to put out reinsurance to put out limits beyond what we want to take net


These properties have been written down to net realizable value based on recent appraisals and will be resolved over the coming months with minimum exposure going forward.

these properties have been written down to net realizable value based on recent appraisals and will be resolved over the coming months with minimum exposure going forward


These strong results validate our strategic approach to value creation, and we believe that we will be able to continue to generate solid, long-term shareholder returns.

these strong results validate our strategic approach to value creation and we believe that we will be able to continue to generate solid long-term shareholder returns


brought together a lot of resources where we've had to analyze everything in that light. And I think we've moved down the road pretty well. But again, I think those are the key points.

brought together a lot of resources where we've had to analyze everything in that light and i think we've moved down the road pretty well but again i think those are the key points


This is primarily attributed to an unfavorable short-term shift in our mix of earning assets as we had higher balances of deposits held at other financial institutions this quarter.

this is primarily attributed to an unfavorable short-term shift in our mix of earning assets as we had higher balances of deposits held at other financial institutions this quarter


What we expect is -- the worst thing that you can do, Jamie, when you buy somebody and bring them in is to kind of throw them into the middle of the bigger company

what we expect is the worst thing that you can do jamie when you buy somebody you bring them in is to kind of throw them into the middle of the bigger company


Now before getting into the specific third quarter highlights, I want to start by reiterating the strategic goals that we outlined earlier in the year and how they reflected in our results.

now before getting into the specific third quarter highlights i want to start by reiterating the strategic goals that we outlined earlier in the year and how they're reflected in our results


Thanks, Mike. I know that's a lot to digest, but we really are just so excited about what this all means for our opportunity to continue to drive value for our shareholders going forward.

thanks mike i know that's a lot to digest but we really are just so excited about what this all means for our opportunity to continue to drive value for our shareholders going forward


Once again, our results demonstrate the successful execution of our long-term strategy, which we believe serves both Cable ONE customers and our shareholders well.

once again our results demonstrate the successful execution of our long-term strategy which we believe serves both cable on customers and our shareholders well


the one very good news there is that we have been able to sort of make an inventory of all the technology, all the technological projects

the one very good news there is that we have been able to sort of make an inventory of all the technology -- all the technological projects


and what we experienced in the spring of 2018 represents a catch-up on some of those deferrals. Customer indications suggest that we should see a relatively normal remainder

and what we experienced in the spring of 2018 represents a catch-up on some of those deferrals customer indications suggest that we should see a relatively normal remainder


This mixed growth model is already very efficient in Belgium, thanks to the far-reaching efforts led by

this mixed growth model is already very efficient in belgium thanks to the far-reaching efforts led by


of utmost importance when it comes to future cost savings and potentially, a new conclusion of ACM on Significant Market Power,

of utmost importance when it comes to future cost savings and potentially a new conclusion of acm on significant market power


when I came into the company, January of prior year, we set targets where we want to get to and began building a business in order to get there. And Mike's been messaging that

when i came into the company january of prior year we set targets where we want to get to and began building a business in order to get there and mike's been messaging that


In terms of the intellectual property surrounding XIAFLEX, there are a number of -- there's a number of patents that are -- that have been granted.

in terms of the intellectual property surrounding xiflex there are a number of -- there's a number of patents that are -- that have been granted


this half year. So I would just like to hear from you about what has been your approach considering all of these facts,

those half years so i would just like to hear from you about what has been your approach considering all of those facts


That's not the format that we would use. We would only buy something because we think it adds capability to our mix and it improves our ability to serve the customer.

that's not the format that we would use we would only buy something because we think it adds capability to our mix and it improves our ability to serve the customer


we built a strong body of evidence supporting the potential benefits of sparsentan. I'm pleased to share that we had a very constructive and insightful interaction with the agency.

we build a strong body of evidence supporting the potential benefits of sparsentan i'm pleased to share that we had a very constructive and insightful interaction with the agency


The early signs are that the combined elements of e-Builder, Viewpoint and existing Trimble construction software are performing on or above target.

the early signs are that the combined elements of e-builder viewpoint and existing construction -- trimble construction software are performing on or above target


We continue to see opportunity for growth, gaps to close with our peer group and a business that is poised to continue on a path and plan just as we've laid out in the past.

we continue to see opportunity for growth gaps to close with our peer group and a business that is poised to continue on the path and plan just as we have laid out in the past


desperate for business. Same thing with equipment providers, materials providers and the rest of it, and it's a mix. Things are still pretty active in Houston and so we're not seeing much in the way of breaks there.

desperate for business same thing with equipment providers materials providers and the rest of it and it's a mix things are still pretty active in houston and so we're not seeing much in the way of breaks there